Online gaming group 888 Holdings has signed an agreement with US firm Caesars Interactive Entertainment (CIE), in the company's first US online betting deal.
Under the agreement, Dragonfish, 888's independent business to business arm, will power a selection of CIE's established and recognised poker brands.
The partnership comes ahead of regulatory change expected in US gambling laws, which would permit specific kinds of online gambling.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Chief Executive Officer Mitch Garber said: "888 has been successfully driving the World Series of Poker brand in the UK for the past three years, and with current momentum toward either a Federal or State by State regulatory environment, 888 is uniquely positioned to support either outcome, without delay."
888 added that believes it has a strong platform to sign with further potential US partners.
According to Peel Hunt analyst Nick Batram, "not only has 888 put itself in the game should the US open, but it also vindicates its B2B arm which is already a supplier to Caesars. Added to good trading momentum is now positive strategic direction. 888 is now very much a business on the front foot."
The share price rose 11.07% to 52.5p by 15:26.
NR
-
8 of the best houses for sale with annexesThe best houses with annexes – from a period property in the Lake District to a 13th-century house with a two-bedroom annexe in Saltwood, Kent
-
Zelenskyy moves to appease Donald Trump – what happens now?Ukraine’s president Volodymyr Zelenskyy is conceding ground to secure the least-worst deal possible, says Emily Hohler
